Botanix Pharmaceuticals (ASX:BOT) has secured $40 million in capital through an institutional placement, drawing strong support from both new and existing Australian and international investors.
The company will issue 121,212,122 new shares at $0.33 each, representing a 7% discount on the last traded price before a trading halt on April 14.
The funds will be directed towards accelerating the commercialisation of Sofdra, Botanix's dermatological product, following its sales force launch in February.
The capital will support the expansion of the sales team, infrastructure, digital platform, marketing efforts, and logistical operations, as well as general operating costs.
Sofdra has shown strong initial performance, with patient arrivals now surpassing 500 per week and prescriber numbers exceeding 400 weekly, totalling over 1,500 prescribers since launch.
March saw 100% refill rates among eligible patients, and gross revenue from Sofdra doubled from February to March.
Botanix expects that the majority of Sofdra patients will receive up to 11 refills, significantly outperforming the industry average.
Botanix's Executive Chairman, Vince Ippolito, highlighted the placement's success, emphasising the positive trajectory of Sofdra's early sales.
At the time of reporting, Botanix Pharmaceuticals' share price was $0.38.